Ravens Owner Art Modell is "seeking one or more
partners" to buy "at least" a $150M stake in the team so he
"can pay off loans and strengthen its finances," according
to Jon Morgan of the Baltimore SUN, who reports that if a
new partner is "not on board by early next year," the NFL
could "have time to find a buyer" for the franchise. Modell
declined to "reveal any of the terms of the offer," but said
that the documents are in the "final stages of preparation"
and he "hopes to have the deal completed" by March. Sources
said that a letter was recently sent to potential investors
which "leaves it up to bidders to negotiate what they would
receive in return." Morgan: "The result could be a reverse
auction in which bidders will agree to pay $150 million and
compete with one another to accept the smallest share or
least favorable terms." But Skadden, Arps, Slate, Meagher &
Flom attorney Martin Klepper said, "I would think $150
million would give an investor some ability to have input
over major decisions" (Baltimore SUN, 10/21).
